At the Beginning of the Year, Hunt Company Had an Inventory

question 88

Multiple Choice

At the beginning of the year, Hunt Company had an inventory of $750,000. During the year, the company purchased goods costing $2,400,000. If Hunt Company reported ending inventory of $900,000 and sales of $3,750,000, the company's cost of goods sold and gross profit rate must be

• A) $1,500,000 and 66.7%.
• B) $2,250,000 and 40%.
• C) $1,500,000 and 40%.
• D) $2,250,000 and 60%.

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Employee

An individual who is hired by a person or business for a wage or salary to perform specific duties.

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To be found not guilty of a crime in a court of law, absolving the defendant from the charges.

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A civil wrong that causes someone else to suffer loss or harm resulting in legal liability for the person who commits the tortious act.

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The process of making untrue declarations about an individual that harm that individual's good name.